Key highlights from January:

• 6 M&A and 34 licensing transactions were announced this month, versus 4 M&A and 29 licensing transactions announced in December of 2024; although the M&A market has been quiet since JPM
• Licensing transactions continue to remain a key theme as biotech looks for non-dilutive financing
• 3 priced IPOs with 9 currently on file publicly
• Private financing market maintained its pace with 19 deals vs. 16 in December – LS companies raised an aggregate of $1.5bn vs. $960mm in December
• Vertex Pharmaceuticals’ JOURNAVX was approved for twice-daily treatment of moderate to severe acute pain, the first non-opioid product approved for pain since December 1998